Banking

A grandmother who had her £40,000 life savings stolen by a callous con-man just days before Christmas has been told by her bank that it won't cover her losses, despite pressure for banks to shoulder more responsibility when customers fall prey to sophisticated scams.

High street bank TSB has today slashed the headline interest rate it pays on its Classic Plus current account from 5% to 3%.

The Payment Systems Regulator (PSR) has rejected calls from consumer group Which? to make banks refund the victims of transfer fraud – though it's admitted they "could do more" to help customers duped in this way.

More than four million banking customers benefitted from fee-free basic accounts during the opening six months of 2016, according to Government figures. But if you've a basic account with Lloyds or Royal Bank of Scotland (RBS) that you opened before the start of the year, you may still be paying a fee and should consider upgrading or switching.

Nationwide will become the latest current account provider to axe a key switching incentive, MoneySavingExpert.com can reveal.

Savers will be given easy-to-understand information to help them compare cash savings accounts and easy access cash ISAs under new rules launched today, which will also ensure customers are informed of changes to interest rates.

The Chancellor Philip Hammond has announced a new three-year Government-backed investment bond open to everyone aged 16 or over in today's Autumn Statement. The bond will launch in spring 2017.

Furious Think Money customers have been locked out of their accounts since the end of last week after issues with the banking provider's IT system upgrade sent online services into meltdown. About 100,000 customers have been affected and if you've lost out you may be able to claim compensation.

If you're a Barclays current account holder and haven't yet signed up to its Blue Rewards scheme, then you can earn at least £55 in your first year if you join by 30 November – and it's now tax-free. But the scheme's not a reason to switch to Barclays, or even to stick with it.

Tesco Bank says it restored normal banking facilities for its 136,000 current account customers by Tuesday night and insists it has now refunded about £2.5 million to the 9,000 victims of fraud identified following Saturday's major hack. If you bank with Tesco, don't assume it's all been put right – we explain your rights and what to check.